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GM to Tiger: No more free cars

By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney.com) -- General Motors confirmed Wednesday that it put an end to an agreement with Tiger Woods that allowed the golfer to drive its vehicles for free.

GM and Woods ended the golfer's endorsement contract with Buick in 2008, but continued a deal that allowed Woods to keep several GM loaner cars, including the the Cadillac Escalade he was driving in the car crash that ultimately revealed the athlete's marital infidelity.

The arrangement ended Dec. 31. A GM spokesperson confirmed that the termination date had been previously scheduled.

Several of Woods' major sponsors, including AT&T (T, Fortune 500) and Accenture (ACN), ended their business relationships with Woods following the Nov. 27 crash and the exposure of his marriage troubles.

But other companies, like Nike (NKE, Fortune 500) and Pepsi's (PEP, Fortune 500) Gatorade continue to sponsor Woods, who has taken a break from his professional golfing career. Procter & Gamble's (PG, Fortune 500) Gillette said it would stop airing commercials featuring the golfer for a while. To top of page

Index Last Change % Change
Dow 15,973.84 313.66 2.00%
Nasdaq 4,337.51 70.67 1.66%
S&P 500 1,864.78 35.70 1.95%
Treasuries 1.75 0.00 0.00%
Data as of 11:54pm ET
Company Price Change % Change
Bank of America Corp... 11.95 0.79 7.08%
General Electric Co 28.26 0.81 2.95%
Cisco Systems Inc 25.11 0.43 1.74%
Chesapeake Energy Co... 1.59 -0.19 -10.67%
Freeport-McMoRan Inc... 5.53 0.64 13.09%
Data as of 4:15pm ET
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